Property Division Archives

On behalf of John Bednarz of John Bednarz, P.C. posted in Property Division on Thursday, July 10, 2014.

In what might be the largest divorce settlement ever across the pond, the wife of a British hedge fund manager is seeking a portion of the substantial assets she and her husband have accumulated. As a hedge fund manager, the husband oversees more than $4 billion, and together, the couple have donated over $1 billion through the charitable organization they founded in 2003. The wife is the CEO of the organization and places its value at up to $5 billion. The couple, who met while students at Harvard University, were in court last week to negotiate a settlement.

On behalf of John Bednarz of John Bednarz, P.C. posted in Property Division on Thursday, July 3, 2014.

Some divorced couples breathe a sigh of relief once the final documents are signed. This could be for many reasons, but one reason is probably because they think they are finally off the hook when it comes to their former spouse's debt. From this day forward, they think, I'm no longer responsible for someone else's money issues. But is that really true? In community property states like Arizona, it may not be.

On behalf of John Bednarz of John Bednarz, P.C. posted in Property Division on Thursday, June 12, 2014.

Arizona residents who use Bitcoin and are undergoing a divorce may be interested to learn about a budding issue relating to the electronic currency: divorce courts and lawyers are becoming increasingly aware of the ability of soon-to-be-spouses to hide assets using Bitcoins. During the divorce process, both spouses are asked to fully disclose their income and all financial assets. This information is used to help determine property division, as well as how much one party should pay in alimony or spousal support. Some would rather pay less, so they attempt to hide their assets.

On behalf of John Bednarz of John Bednarz, P.C. posted in Property Division on Friday, April 25, 2014.

Before Arizona residents can dissolve a marriage, they must first go through the process of property division. This process sorts out personal property from marital property, and then divides the marital property according to state law. To make sure this process is carried out fairly, the parties are required to list all their assets. Because divorces are handled by state courts, this information typically becomes part of the public record. For high-profile individuals, the process can feel something like an invasion of their privacy.

On behalf of John Bednarz of John Bednarz, P.C. posted in Property Division on Friday, April 18, 2014.

When divorcing, couples often think about the property division aspect, wondering who will get what? Usually, those divorcing want to ensure they are able to keep a home, a car, maybe some furniture. But, some cases can be more complicated. For example, a separated couple are wondering about much more. The two lobbyists are contesting the right of the other to control over 1,300 pieces of artwork and debating the image the two cultivated as a power couple.

On behalf of John Bednarz of John Bednarz, P.C. posted in Property Division on Friday, April 11, 2014.

Immediately following the decision to divorce, Arizona divorcees may be forced to deal with the emotional weight that often comes with such a decision. However, it can become quickly apparent that there is much on the financial side that needs to be taken care of as well. Rather than being a burden, taking care of some of these financial matters can help Arizona divorcees achieve a peace of mind, knowing that their finances are secure and that they are bettering their chances at a favorable divorce settlement.

On behalf of John Bednarz of John Bednarz, P.C. posted in Property Division on Wednesday, March 5, 2014.

In Arizona as well as other parts of the country, an increasing number of baby boomers are divorcing. In fact, one in four of those divorcing are 50 years old or older. Dubbed a "gray divorce," According to one researcher, Americans in this age range are twice as likely to divorce as they were 20 years ago. Back in 1990, only 1 in 10 persons who got divorced was age 50 or older.

On behalf of John Bednarz of John Bednarz, P.C. posted in Property Division on Friday, January 24, 2014.

Many Phoenix, Arizona residents see their pets as family members. They hang pictures of their pets on the walls, share their bed with them, spend hundreds on their grooming and care. But when it comes to divorce law pets are no different than any other piece of personal property and must be accordingly divided. For many couples seeking a divorce the decision on what to do with a pet can become as contentious as child custody.

On behalf of John Bednarz of John Bednarz, P.C. posted in Property Division on Friday, January 17, 2014.

For many Arizona residents, the start of 2014 is a time to consider resolutions. This is especially true for those who are in the process of getting a divorce. But rather than making a large-scale resolution to "have a good divorce" or something of that nature, it is often more beneficial to resolve to get certain necessary components of the divorce completed one step at a time.

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The law firm of John Bednarz, P.C., advises divorce and family law clients about their rights and responsibilities in Greater Phoenix and the East Valley, including such communities as Gilbert, Tempe, Scottsdale, Chandler, Mesa, Queen Creek, Apache Junction, Casa Grande, Gold Canyon, Florence and other communities in Maricopa County and Pinal County, Arizona.